LONDON — ArcelorMittal said it’s terminated an agreement to sell its Sparrows Point, Balitmore facility to E2 Acquisition, a venture of Esmark Inc. and Wheeling-Pittsburgh, because the venture couldn’t secure financing. The steelmaker is still required to divest the facility as stipulated by the Department of Justice, and it said it would work closely with the DoJ and a trustee, Joseph Krauss of Hogan & Hartson, for a sale. Krauss plans to hire an investment bank to help him with the sale process. The steel-making facility is capable of producing 3.9 million tons of raw steel annually.

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December 17th, 2007
Categories: Business . Author: webmaster

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